00:39:18 · Guillaume Moubeche, Jason Wilk
[00:39:18] S1: Okay. And, yeah, I'm I'm wondering, you know, like, whenever you have, like, this this kind of, like, earning calls and and how how exactly, like... I mean, you've seen in some in some companies where the the stock is is basically, like, moving a lot, and it's not really tied to the company's performance. So we can see companies, you know, who are, like, still growing, still generating a lot of cash flow and getting, you know, like, a very different valuation versus what their earning shows. So how exactly do you... Like, how do you maintain, you know, like, the vision and the long term vision as, a public company CEO when, you know, you you also need to think from a quarter to quarter basis? Like... Because I think you mentioned, like, structuring your board, so maybe this applies a little bit with it. [00:40:14] S0: Well, one, I think you have to have a really strong core business of which, you know, you can really see strong growth within that. And that allows you the ability to have some freedom for thinking long term about future roadmap items. Like, I'll take the credit card for example. We don't need that credit card to work for many, many years to support our longer term growth algorithm. And that's thanks to having a great core business. And I would recommend, you know, no call... No company go public unless they have a lot of confidence in the the forecast for their their core.
00:40:14 · Jason Wilk, Guillaume Moubeche
[00:40:14] S0: Well, one, I think you have to have a really strong core business of which, you know, you can really see strong growth within that. And that allows you the ability to have some freedom for thinking long term about future roadmap items. Like, I'll take the credit card for example. We don't need that credit card to work for many, many years to support our longer term growth algorithm. And that's thanks to having a great core business. And I would recommend, you know, no call... No company go public unless they have a lot of confidence in the the forecast for their their core. [00:40:46] S1: Okay. Okay. Okay. And you mentioned, you know, like structuring your boards and potentially like having different people. So how exactly do you structure a board? Like, who do you look for? And can you maybe share like tips on how to structure like a a great board?
00:40:46 · Guillaume Moubeche, Jason Wilk
[00:40:46] S1: Okay. Okay. Okay. And you mentioned, you know, like structuring your boards and potentially like having different people. So how exactly do you structure a board? Like, who do you look for? And can you maybe share like tips on how to structure like a a great board? [00:41:03] S0: It really depends on on the business. Right? And so for us, well, every public company needs a great person in sort of audit. That's fairly standard. That's gonna be somebody who is a former CFO, most likely. And we've had a great one on our team. And then you sort of fill around the board of people you think are gonna be helpful to your industry or business. You know, one of our private credit investors is on our board. We have a capital markets guy who can help us understand how to talk to analysts and recruit different different new shareholders. We had a a regulatory lawyer that understands all the regulatory complexities. And ultimately, you wanna have people that when you spend the time to get together for these quarterly board meetings of which last three to four hours, wanna make sure it's useful. And so people you think that you can rely on for, you know, input on strategy, making sure the company is, you know, following all the all the rules, but that's gonna be added to the business, not not detracting. [00:42:03] S1: And how exactly does that work? Like, do you give them shares, or is it like a yearly package? And... Yeah. [00:42:10] S0: It's a yearly package. There's some equity and some and some cash. [00:42:15] S1: Okay. And
00:42:15 · Guillaume Moubeche, Jason Wilk
[00:42:15] S1: Okay. And [00:42:15] S0: And the recruitment sort of starts. You either find people that you know or, you know, oftentimes people will use recruiting agencies specifically for executive board recruitment. And so we've we've done a little bit of both. [00:42:27] S1: Okay. And what what do you prefer? Like, do you see hiring agency working well on on this side? Or [00:42:33] S0: I think it's always best to use, you know, in internal, if you can go that route. But one, not everyone wants to be on a public company board. And two, finding people to put the experience, you know, that's not always within your network. And so I found that we've had a lot of success, so using recruiters for for board roles. [00:42:51] S1: Okay. Okay. Okay. And is it like a... From like a a pure, like, growth perspective, you mentioned earlier, you know, that eventually if you had raised more cash, you could have gone a little bit faster. Now you're at a stage where you're, like, profitable. So how exactly do you balance, you know, that speed versus sustainable growth? And how do you envision the future? Like, do do you want to keep, you know, this very lean team and growth that is, you know, like, kind of like mastered, or do you see things like in a different way?
00:43:29 · Jason Wilk
[00:43:29] S0: You know, we're not trying to constrain the team to 300 just to do so. I mean, we think we really do believe we've built a highly scalable platform. We are adding to the team this year. We're gonna go from 300 to three twenty, three twenty five ish. So, you know, we are doing that because we believe that the investments we're gonna make there are gonna, you know, lead to significant multiples of, you know, revenue once we deploy the products that they're working on. I'd say for us, you know, we've had quarters where we've grown the business 60 plus percent, and have not seen our multiple expand as a public company. And so that tells us a little bit that we're not really being rewarded for growth. So to us, we we really try to communicate a very sustainable growth algorithm to grow users, you know, single... Mid double digits and revenue per user by by low double digits. And if you believe in the the combined effect of both of those metrics, it's gonna be a 30% plus growing type company for many years to come. And, you know, we're we're totally fine with that. And, you know, if the multiple we trade off is what it is, that gives us an ability to launch new products at which we think can ultimately to multiple expansion from there when people realize that we can generate revenue from from more than just a couple units.
00:44:47 · Guillaume Moubeche, Jason Wilk
[00:44:47] S1: I'd love to pick your brain on something. So what you're saying is, like, the the high growth is not always, like, rewarded from public market. So from your side, if you had, let's say, like, two companies, one company is that year one is growing, let's say, 10%. Year two, they're growing 200%. Year three, they go back to, like, 20%. Year four, like, it always changed like this. And there is another one, company b, that's growing, let's say, like, 35% every single year for, like, five years. Do you think that company a will not get, like, a higher stock than company b just because it's not as predictable? [00:45:30] S0: Well, it depends because the company that grew 200%, you know, may have some insane revenue multiple. And so I know CFOs of companies like that, and they tend to envy our position because we have... And we traded a very modest multiple with every opportunity to try and do things to expand that versus their thinking of every way they can preserve this potentially unrealistic multiple. And so I'd rather be in the more conservative world where, you know, we have a great core business growing at a rate we we feel very confident in with a model, you know, profitability and flexibility to launch new things that can get investors excited about for for future growth. [00:46:08] S1: Yeah. I agree. And I know we're almost running out of time, so that's gonna be the the final question. What what would be an advice you could give, you know, like, to anyone who wants to to build a company and IPO?